Balance Transfer Query

wynnvegas

Hi,

I'm looking for a wee bit of advice as I'm not at all sure if what I'm thinking about is possible in the world of credit card rules.

Essentially, a member of my family has managed to run up a bill of abour £9,000 when unemployed. He is now being hammered with interest charges of £300 per month. If I was happy enough to take responsibility for the debt, would either of the following options be feasible:

a) I request a balance transfer to my 0% card for the full amount from his card

b) I apply for a new card with him as an additional card holder and then transfer the amount

I presume that if one idea is out then they will both be but any guidance would be appreciated.

Cheers,

Billy

[Deleted User]

The first part works.

But adding him as an additional cardholder does nothing. The debt is yours. All he will be able to do is spend more of your money.

wynnvegas

Thanks for that. I'll phone up the credit card company. I do understand that I'll be taking on the debt and that's a risk I'm comfortable with.

Cheers,

Billy

ironlady2022

Are you sure? 9k is a lot of money. Is he in paid employment now? How does he propose he pays you back? No point of adding him on as a secondary card holder as stated above. Also this will affect your credit rating in applying for future credit as you are already 9k 'in debt'. Experian and other credit file companies will not be able to differentiate the debt is not yours. If you want further credit for any reason you could get declined as debt to income ratio may not be too good. This is a very big decision and one which you could regret for life.